Best, an Alibaba-backed integrated logistics and supply chain solutions provider in China, raised $450 million by offering 45 million ADSs (all primary) at $10, the low end of its updated range of $10 to $11.
The company originally planned to raise $869 million by offering 62.1 million ADSs (14% insider) at $13 to $15, before Tuesday morning, when it it slashed the proposed terms, removed insider selling and disclosed Alibaba's intention to purchase $150 million (33%) of the IPO.
Best plans to list on the NYSE under the symbol BSTI. Citi, Credit Suisse, Goldman Sachs (Asia), J.P. Morgan and Deutsche Bank acted as lead managers on the deal.
